多只基金连创新高！板块轮动剧烈，这类指数却高位徘徊

Core Viewpoint - The article highlights the strong performance of small and micro-cap stocks in the current market, driven by liquidity easing and value recovery of certain stocks, while also noting the risks associated with trading liquidity and market adjustments [1][3][4]. Group 1: Market Performance - The CSI 2000 and Guozheng 2000 indices, representing small-cap stocks, have remained at high levels, with the CSI 2000 index closing at 3141 points as of November 12, nearing a ten-year high [3]. - Several funds focusing on small and micro-cap stocks, such as Nuon Fund and CITIC Prudential, have seen their net values reach historical highs, with quarterly gains of 9.34%, 6.24%, 1.41%, and 8.99% respectively [3]. Group 2: Liquidity Factors - The article emphasizes that the current strong performance of micro-cap stocks is primarily due to abundant liquidity, which allows for greater price volatility in these stocks [6][7]. - The easing liquidity environment not only attracts funds to micro-cap stocks but also alleviates financing constraints for small enterprises, improving profit expectations [7]. Group 3: Investment Strategies - Investors are increasingly favoring high-elasticity stocks, with micro-cap stocks often showing stronger potential for price recovery after market adjustments [4][9]. - The article suggests that in a market where large-cap stocks are over-traded, funds may shift towards undervalued micro-cap stocks, seeking opportunities for marginal improvements [9]. Group 4: Risks and Cautions - Despite the positive outlook, there are concerns regarding the trading activity and liquidity of micro-cap stocks, which may lead to difficulties in executing trades and widening bid-ask spreads during market corrections [1][10]. - The low liquidity characteristic of micro-cap stocks poses challenges for large-scale operations and necessitates careful liquidity management during trading [10].